Kingscourt, Ireland – Kingspan saw sales up 44% in the first nine months of 2015 at EUR 2bn ($2.2bn) compared with the same period in 2014, according to a London stock market announcement.
Acquisitions add to growth in Kingspans' Q3 numbers
Sales in the third quarter were up 54% boosted by acquisition is, underlying sales were up 3%, the firm said.
Insulated panel sales were up 73% in the third quarter. The UK “continues to perform solidly, albeit with some moderation since September. Mainland Europe sales were steady and US sales outpaced Canada,” said the announcement.
Insulated board sales were up 38% in the third quarter, but 1% excluding acquisitions, some UK market segments have moderated since the summer and there was a decline in Australian sales, said the firm. Kingspan said that sales in mainland Europe were stable overall and grew in Belgium, in the US sales continue to progress steadily in the quarter.
Over the first nine months of 2015, underlying sales were up 3% and, Kingspan said “given the state of our current order book, this revenue pattern is likely to continue.”
The company added that: “Assuming current exchange rates prevail we expect to deliver a full-year trading profit of about EUR250m ‑ up 68% compared with 2014, but much of the seasonal variability of the fourth quarter remains.”
The company warned that the first quarter of 2016 will contain “the full weakness of the winter season for the businesses acquired this year, and which were not consolidated into the group’s results in the early part of 2015.”